TESLA Group a.s. and SRAM & MRAM group sign $1 billion deal to build 20 giga factories, including five in India

TESLA Group a.s., a pioneer in battery energy storage systems (BESS), and SRAM & MRAM Group, a global leader in technology and sustainable development, have inked a landmark $1 billion agreement to set up more than 20 giga factories worldwide, with five facilities planned in India.

The partnership aims to reshape the green energy storage sector and support global efforts to meet the Paris Climate Accord’s target of limiting global warming to 1.5°C, with greenhouse gas emissions peaking before 2025 and declining by 43% by 2030.

The giga factories—spanning Slovakia, Romania, Bulgaria, multiple Indian states, the U.S., Malaysia, Oman, Brazil, UAE, Cambodia, Australia, and Nigeria—will form one of the largest battery manufacturing and storage supply chains for electric vehicles globally. Each facility, spread across 500 acres, is expected to employ up to 100,000 people.

While TESLA Group a.s. will spearhead the design, engineering, and construction, SRAM & MRAM Group will manage approvals, incentives, and local partnerships.